Service sector
The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model.
The tertiary sector involves the provision of services to other businesses as well as to final consumers. Services may involve transporting, distributing, and selling goods from a producer to a consumer, as may happen in wholesaling and retailing, pest control, or entertainment. The goods may be transformed in the service process, as happens in the restaurant industry. However, the focus is on people by interacting with them and serving the customers rather than transforming the physical goods [Wikipedia].
Countries with economies centered around the service sector are considered more advanced than industrial or agricultural economies. The service or tertiary sector is the third piece of a three-part economy. The first economic sector, the primary sector, covers the economy's farming, mining, and agricultural business activities. The secondary sector covers manufacturing and business activities that facilitate the production of tangible goods from the raw materials produced by the primary sector. Though classified as the third economic sector, the service sector is responsible for most of the global economy’s business activity. Technology, specifically information technology systems, is shaping the way businesses in the service sector operate. Businesses in this sector are rapidly focusing more on what is becoming known as the knowledge economy, or the ability to surpass competitors by understanding what target customers want and need and operating in a way that quickly meets those wants and needs with minimal cost. In nearly all industries within the sector, businesses adopt new technology to bolster production, increase speed and efficiency, and reduce the number of employees required for operation. This cuts down on costs and improves incoming revenue streams [Investopedia].
Service Sector: Place in Economy, Definition and Examples. Investopedia. Retrieved from: https://www.investopedia.com/terms/s/service-sector.asp
Tertiary sector of the economy. Wikipedia. Retrieved from: https://en.wikipedia.org/wiki/Tertiary_sector_of_the_economy